Nigerian fintech Payhippo secures $3M in seed funding
Nigeria-based fintech Payhippo recently raised $3 million in its seed funding round led by a clutch of angel investors like Ham Serunjogi and Maijid Moujaled (Chipper Cash), Olugbenga Agboola (Flutterwave), Bolaji Balogun (Chapel Hill Denham), and Hakeem Belo-Osagie (Metis Capital Partners).
The startup plans to use the capital raised for talent acquisition and improvement of product offerings.
Payhippo co-founder and COO, Chioma Okotcha stated, “We capture our data from the loans we issue, and more talent in the team would allow us to optimize our technology to serve our customers better.”
“We really focus on keeping this under three hours, and making sure that businesses can get the money they need when they need it. Ours is also a product that works for the SMEs in terms of a flexible repayment structure,” Okotcha added.
Payhippo was founded to ensure that SMEs in Nigeria have access to credit. As Okotcha puts it, “We had seen that traditional banks and lenders wouldn’t loan small businesses mainly because there were no credit scores, or the collateral requirements were too high. We decided to come into the market and create an instant financing option, where we create a credit score that allows small businesses to get the liquidity they need to buy inventory for business continuity.”
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